ADMN 1000 EXAM STUDY QUESTIONS AND ANSWERS
| VERIFIED 100% CORRECT
Define finance Answer - A business function of planning, obtaining, and
managing a companies funds to accomplish its objectives
What is the most important aspect to business Answer - Relationships
What is a business plan Answer - a formal document that defines
-companies objectives
-how they will achieve
-how it will be financed
-how money will be brought in
What are the 2 key functions of a business plan Answer - 1. organize a business
and justify its central ideas
2. summarize businesses and its strategies from lenders to investors
What is a vision Answer - A 3-sentence definition describing 'what?'
-declaring what is being achieved
Mission Answer - A 12-sentence definition describing 'so what'
-declares where you are going and why it matters
, 4 Ws and a H to a business plan Answer - WHAT: what is your niche or your
product?
WHEN: will it take time to bring your service or product to the market?
WHERE: Local, regional, provincial? Where is it marketed
WHY: passion, calling, advancement to other products?
HOW: restate your mission and vision
Mastermind toys Answer - High risk of competitors and at risk of bankruptcy
Product Answer - bundle of physical, service, and symbolic characteristics
designed to satisfy consumer wants
Classify Consumer Goods Answer - -Convenience products
-Shopping products
Speciality products
Promotions Answer - function of informing, persuading, and influencing a
purchase decision
Integrated marketing communications Answer - -coordination of all
promotional activities
Integrated marketing communication examples Answer - -media advertising
-direct mail
-personal selling
-sales promotions
| VERIFIED 100% CORRECT
Define finance Answer - A business function of planning, obtaining, and
managing a companies funds to accomplish its objectives
What is the most important aspect to business Answer - Relationships
What is a business plan Answer - a formal document that defines
-companies objectives
-how they will achieve
-how it will be financed
-how money will be brought in
What are the 2 key functions of a business plan Answer - 1. organize a business
and justify its central ideas
2. summarize businesses and its strategies from lenders to investors
What is a vision Answer - A 3-sentence definition describing 'what?'
-declaring what is being achieved
Mission Answer - A 12-sentence definition describing 'so what'
-declares where you are going and why it matters
, 4 Ws and a H to a business plan Answer - WHAT: what is your niche or your
product?
WHEN: will it take time to bring your service or product to the market?
WHERE: Local, regional, provincial? Where is it marketed
WHY: passion, calling, advancement to other products?
HOW: restate your mission and vision
Mastermind toys Answer - High risk of competitors and at risk of bankruptcy
Product Answer - bundle of physical, service, and symbolic characteristics
designed to satisfy consumer wants
Classify Consumer Goods Answer - -Convenience products
-Shopping products
Speciality products
Promotions Answer - function of informing, persuading, and influencing a
purchase decision
Integrated marketing communications Answer - -coordination of all
promotional activities
Integrated marketing communication examples Answer - -media advertising
-direct mail
-personal selling
-sales promotions
